Apparently, entrepreneurs are very busy as they have to look after many aspects of their business such as selling products or services, running the business back end, scheduling order and so much more. Undoubtedly, it’s hard to keep up with the accounting tasks, such as tracking your income and expenses on a daily basis.
Also, hiring an in-house accountant or bookkeeper can cost you more as you might need accounting or bookkeeping services for few hours a month. If you hire a full-time employee, you need to provide all the employee benefits such as incentives, salaries, leaves, etc., which increases your employee turnover and administrative burden.
Well, tracking your income and expenses on a daily basis is just a piece of cake as it has become possible with the help of virtual accountants.
Below, I have discussed why one should hire a virtual accountant to streamline the accounting process:
1. Available Just at One Click - Virtual accountants perform their tasks online, you don’t have to set a separate accounting department. They have their own office space and you can easily connect yourself with them through a simple email or phone call, they are always available. They even accomplish virtual meetings via Skype or Zoom.
2. Highly Skilled and Experienced - Virtual accountants are highly qualified experts that are capable of performing bookkeeping tasks such as accounts payable and receivables, bank reconciliation, tax preparation etc. More the experience, more you can trust the work abilities of a virtual accountant.
3. No Training Expenses - A virtual accountants keep themselves updated with every latest technology and government norms. This saves your cost of training and orientation programs that you might have to spend in your in-house accounting department.
4. A Clear Picture of Your Finances - Virtual accountants take the entire accounting burden off your shoulder and enable you to focus on your core business operations. They give a clear picture of your finances and help you make an informed business decision.
5. Valuable Advice for Business Growth - Virtual accountants not only manage your accounting processes but also give you financial advice according to the market position of your company in order to expand your business.
6. Charge Reasonable Prices - You can get virtual services at a competitive price that suits your budget as compare to your in-house accounting department. Hiring a virtual accountant eliminates processing salaries for employees, providing health insurance, etc., as they work on hourly basis.
7. Saves Cost on Software Investment - When you choose virtual accounting services for your business you don’t have to invest on different accounting software or worry about installing upgrades as your virtual assistant is well-equipped with the latest software and upgrades.
8. Helps to Improve Cash Flow - Virtual accountants efficiently manage all the aspects related to your cash flow. They record all the income and expenses and provide you useful financial insights.
9. Prepare You for Taxes - If you think that you’ll wait until tax season for monitoring your business accounting, then, let me warn you; this can cause a lot of stress, and actually become more costly. Your virtual bookkeeper will maintain all your financial statements accurately and prepare your taxes.
10. Eliminates Time Constraints - When you hire a virtual accountant, you can ask them to accomplish your accounting task anytime, as they work on holidays and round the clock. They work on different online portals, which give you an access to your financial data.
A virtual assistant is simply an accessible employee; they can be quite valuable if utilized precisely in your business. But on a serious note, you can’t do everything; having a virtual assistant can help you to scale up your business by giving you an accurate projection of the financial position of your firm in the market.